Bitcoin bulls charge to $66K as BTC price hits new 1-month high
Bitcoin rose at the July 19 Wall Street open amid confusion over whether US President Joe Biden will abandon his re-election campaign.
BTC price drops consolidation
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin (BTC) price action as BTC/USD challenged a one-month high.
Over 2.5% on the day, Bitcoin surprised the market participants after showing a strengthening behavior earlier.
“IBIT market hours open at 9:30 am ET. Within minutes, Bitcoin went from $64k to over $65k,” Charles Edwards, founder of Quantitative Bitcoin and Digital Asset Fund Capriole Investments, responded on X.
As global tech and banking systems fail from Microsoft's blue screen of death, have some institutions woken up and decided that Bitcoin is a safe, decentralized store of value?
Edwards cited the ongoing fallout from IT related to Microsoft's CrowdStrike software, which has affected transportation, banking and other businesses around the world.
At the same time, there was confusion over the fate of US President Joe Biden's re-election campaign, with conflicting reports on whether he would continue. His opponent, Donald Trump, survived an assassination attempt and sparked a rally in the crypto market last week.
Live data from CoinGlass monitoring shows BTC/USD eating higher than expected at the time of writing.
Shorts are starting to feel the heat, with 24-hour crypto short liquidity nearing $170 million.
“BTC 4H is retesting after some consolidation,” noted trader Chades summed up the current short-term movement.
Trader, analyst and podcast host Scott Melker, known as “Wolf of All Streets,” meanwhile updated Bitcoin's Relative Strength Index (RSI) coverage, continuing the bullish sentiment.
Conditions continue to favor Bitcoin upwards.
Optimism spilled over into other circles, including investment firm QCP Capital, which began to entertain the idea that bitcoin had ended its post-all-time-high losses.
Related: Bitcoin ‘Crazy Tight' Bollinger Bands Point To $190K BTC Price Target
In his latest announcement to Telegram channel subscribers that day, he said, “This week's price action is particularly strong due to the continued Mt. Gox is strong against a backdrop of supply and tanking stocks,” he wrote.
“Could this be a sign that the market has shed most of its worries?”
QCP added that Eternity futures volumes are now “back to flat”, while volume is “declining and BTC has returned to the normal range of 61k to 71k as it trades throughout Q2 this year”.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
